West China Cement Ltd. · HKEX:2233
West China Cement — H1 2025 Earnings Presentation
24 slides from West China Cement's earnings presentation, August 2025
Slide 1: West China Cement 2025 Interim Results
West China Cement 2025 Interim Results August 2025 1
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading the presentation materials, you agree to be bound by the following limitations: The information in this presentation has been prepared by representatives of West China Cement Limited (the “Issuer” together with its su
Slide 3: Overview
Overview West China Core Market ▪ The largest cement producer in Shaanxi Province. ▪ Total China NSP capacity of 25mt*; matching clinker/cement volumes at each plant. ▪ Additional 15mt aggregates and 12.4mt commercial concrete capacity. Overseas Capacity China Capacity Ethiopia 6.3mt Shaanxi 21.7mt
Slide 4: 2025 Interims – Key Data
2025 Interims – Key Data Operational Financial Developments Sales Volume* Revenue Rmb5.4bn (+46%) ▪ Acquisition of the 1.2m ton CILU plant, Kinshasa, DRC in China 6.65mt (-8.3%) EBITDA Rmb1.8bn (+44%) January and May 2025. Overseas 4.17mt (+178%) Expected completion 2H2025. Total 10.82mt (+23.6%） EB
Slide 5: 2025 Interims Key Performance Indicators
2025 Interims Interim Results Key Performance Indicators RMB Mn 1H25 1H24 YoY 1H25 1H24 Sales Volume (m tons) Cement & Volume ASP*/Ton GP/Ton Volume ASP*/Ton GP/Ton clinker (mt) (RMB) (RMB) (mt) (RMB) (RMB) Cement & clinker 10.82 8.75 23.6% PRC 6.65 280 64 7.25 269 38 Other* 2.86 2.26 26.6% Revenue
Slide 6: Contribution Analysis: China vs Overseas
2025 Interims Contribution Analysis: China vs Overseas RMB bn Period China % Contribution Overseas Total 2022 7.25 85% 15% 1.24 8.49 2023 6.25 69% 31% 2.77 9.02 Revenue 2024 5.19 62% 38% 3.16 8.35 1H 2025 3.07 57% 43% 2.35 5.42 2022 1.56 72% 28% 0.62 2.18 2023 1.06 43% 53% 1.4 2.46 Gross Profit 2024
Slide 7: Production Costs
Production Costs RMB (million) (RMB per ton) Average Coal Cost Production Cost (Cement) 1,200 1066 1073 1,000 796 800 700 718 6,000 809 834 740 600 606 400 499 200 China Overseas 5,000 6.5% 6.9% 0 6.2% 2021 2022 2023 2024 1H 2025 5.4% 7.1% 6.6% 6.1% 5.9% 14.1% 14.2% (RMB per kWh) Average Electricity
Slide 8: China Operations
China Operations Shaanxi Province – 21.7mt ▪ A strategic cement asset in North- West China. Inner Mongolia ▪ Dominant position in southern Shaanxi core market. ▪ Competitive position in central Shaanxi Shaanxi market with direct access Ningxia to the Xi’an metro market. Sichuan Guizhou & Sichuan – 3
Slide 9: Shaanxi Core Market
Shaanxi Core Market Southern Shaanxi Central Shaanxi ▪ A natural fortress in the ▪ Xi’an metro market with 30-40% of Qingling Mountains. provincial demand. ▪ Limited limestone – long ▪ Plentiful limestone – competitive transportation distances. environment. ▪ WCC market share of 60- ▪ WCC competitiv
Slide 10: Overseas Operations - Africa
Overseas Operations - Africa Ethiopia •National Cement, Oct 2020 start 3,200 tpd clinker capacity. •Lemi National Cement, Aug 2024 start, 10,000 tpd clinker capacity. Great Lakes Cement Plant, DRC Lemi National Cement, Ethiopia Great Lakes Region •Great Lakes Cement SAS, Dec 2022 Ethiopia start. 3,5
Slide 11: Africa - Macro
Africa - Macro Forecast Africa GDP Growth Select Country GDP Country 2025F 2026F Growth Rates (AfDB) DR of Congo 5.3% 5.0% ▪ According to the Africa Development Bank (AfDB) African GDP Ethiopia 6.4% 6.7% growth is set to accelerate into 2025 and 2026, reaching 4.1% in Mozambique 2.6% 4.7% 2025 and 4
Slide 12: Ethiopia Capacity
Ethiopia Capacity Ethiopia Market Highlights Cement Commissioning Plant Capex Capacity Date ▪ Forecast GDP growth 6% + to 2026, cement demand growth c. 6% National Cement Share Co. 1.3mt Nov 2022* US$170m* ▪ Infra-led development: roads and airports. Lemi National Cement PLC. 5.0mt Sept 2024 US$450m
Slide 13: Mozambique Capacity
Mozambique Capacity Mozambique Market Highlights Cement Commissioning Plant Capex Capacity Date ▪ Forecast GDP growth c.4% to 2026. Mozambique Dugongo Cement SA. 2.0mt Dec 2020 US$300m ▪ Strong demographic and urbanisation profile. Dugongo Cement Nampula 1.5mt 4Q2026* US$200m* ▪ Large offshore LNG r
Slide 14: Great Lakes Capacity
Great Lakes Capacity DRC/Rwanda Market Highlights Cement Commissioning Plant Capex Capacity Date ▪ Forecast GDP growth 2026: DRC c5%, Rwanda c7%, Burundi c4%. Great Lakes Cement SAS 1.5mt Dec 2022 US$300m ▪ Resources, infra growth in DRC; FDI, infra in Rwanda. Demand Rwanda Cement Grinding Mill 1.0m
Slide 15: Uganda New Capacity
Uganda New Capacity Uganda Market Highlights Cement Commissioning Plant Capex Capacity Date ▪ Forecast GDP growth 2025: 6-7%+, driven by oil production and YIH Uganda Moroto SMC Ltd 1Q2026* US$247m* pipeline construction. 3mt YIH Uganda Jinja Grinding Mill 1Q2026* US$83m* ▪ Approx. 5mt of demand plu
Slide 16: Uzbekistan Capacity
Uzbekistan Capacity Uzbekistan Market Highlights Cement Commissioning Plant Capex Capacity Date ▪ Uzbekistan 2025-2030 GDP growth rates projected at 5.5% pa; Uzbekistan Andijan WCC Cement 2.5mt May 2024 US$200m cement demand growth rates projected 15% pa over same period. ▪ Infrastructure led growth
Slide 17: ESG - Environment
ESG - Environment Emission reduction measures Waste Heat Generation 2024 Power generated 341m kWh ▪ Cement kiln flue gas DDN deep NOx proprietary technology. ▪ Active desulphurisation and particle emission reduction. Coal saved 136,300 tons ▪ Carbon emission monitoring of all coal use. CO2 reduction
Slide 18: ESG - Environment
ESG - Environment Sulphur Dioxide Emissions Particulate Matter Emissions 700 0.04 800 0.05 600 0.04 0.03 600 500 0.03 400 400 0.02 300 0.02 200 0.01 200 0.01 100 0 0 0 0 2021 2022 2023 2024 2021 2022 2023 2024 Particulate emissions (tonnes) Particulate emissions instensity (kg/ton of clinker) SO2 em
Slide 19: ESG – Social, Governance
ESG – Social, Governance People Health & Safety ▪ 1H2025: 10,766 employees, over 5,000 overseas. 870 mid- ▪ Adherence to the PRC “Work Safety Law” and local regulations. management; 227 senior management. Increasing overseas ▪ Safety Production Committee headed by Group CEO + 6 specialised localisat
Slide 20: Debt & Credit Ratios
Debt & Credit Ratios Breakdown by type Total debt to EBITDA2 Net debt to EBITDA2 Senior notes (USD) - 5x 4.6x 4x 3.4x unsecured RMB 4.4bn / 38% 4x 3.6x 2.9x 3x 2.7x 2.9x 3.0x 3.2x 2.4x 3x 2x 1.6x 2x Bank borrowings - Bank borrowings - unsecured secured 1x 1x RMB2.4bn / 20% RMB4.9bn / 42% 0x 0x Secur
Slide 21: Appendices Financial Information
Appendices Financial Information 21
Slide 22: Consolidated P&L
Consolidated P&L RMB mn 2022 2023 2024 1H2024 1H2025 Revenue 8,489 9,021 8,345 3,702 5,418 Cost of Sales (6,307) (6,561) (6,371) (2,729) (3,791) Gross Profit 2,182 2,460 1,974 973 1,627 Selling & Marketing Expenses (75) (132) (132) (87) (162) Administrative & Other Expenses (746) (1,018) (857) (403)
Slide 23: Balance Sheet
Balance Sheet Non-current Assets 2022 2023 2024 1H2025 Non-current Liabilities 2022 2023 2024 1H2025 Property, Plant & Equipment (PPE) 18,195 20,810 23,184 22,397 Bank Borrowings 1,458 2,719 3,172 3,368 Right of use assets 827 834 759 732 Senior Notes 4,204 4,324 4,470 4,397 Mining rights 1,528 1,72
Slide 24: Cash Flow Statement
Cash Flow Statement RMB mn 2022 2023 2024 1H2024 1H2025 Net cash generated from operating 1,960 2,125 2,700 1,356 602 activities Net cash used in investing (3,516) (3,275) (3,353) (1,981) (1,008) activities Net cash generated from (used in) 4,453 (1,080) (140) 707 116 financing activities Net increa